GameStop is on top of the world right now, with stock prices hundreds of dollars higher than they were just a few days ago. However, there might be a new champ in town, as the practically-defunct Blockbuster has watched its stock soar 700% since Tuesday.
If the GameStop rollercoaster has shown us anything, it’s that the stock market is an arbitrary, pointless, and definitely-completely-random beast. The struggling store has done little over the past week to warrant the inflated stock prices, but wild demand from Reddit – and a bit of a nudge from Elon Musk – has pushed GameStop to record evaluations.
Now, it looks like the same thing is happening with Blockbuster.
“Prior to being a legislator, I worked as an associate general counsel at a financial services company,” wrote Congressman Ted Lieu. “I have concluded that investing in individual stocks is virtually indistinguishable from gambling.” His supporting evidence? Blockbuster’s 700% surge on Tuesday and its continued gains on Wednesday.
Much like GameStop, projections for the company’s future have not changed. There’s still only one Blockbuster store left in the entire world – located in beautiful Bend, Oregon – and there’s no reason to think more will be opening in the future. The video game and movie rental company seems to be benefiting from the same wild trading practices that are skyrocketing GameStop, but it’s unclear what’s truly driving the influx of investors.
It’s worth pointing out that, unlike GameStop, Blockbuster is a penny stock. Its current evaluation is nowhere near the $340+ price tag of a GameStop stock, but it’s certainly seeing a similar pattern of growth.
The stock market’s wild movement has garnered a lot of negative attention, and it seems that the government is keeping a close eye on the situation to make sure things don’t get out of control. However you cut it, though, it’s been an absolutely wild ride. Hopefully it makes us rethink this whole stock market thing, as it doesn’t seem to be based on any sort of reality. If a few rocketship emoji’s and tweets can cost people $5 billion, there’s definitely something wrong with your system.
NEXT: Elon Musk Tweet Sends GameStop Stock Price To New Heights In After-Hours Trading
